Project Cost Overrun Sample Clauses
Project Cost Overrun. Metro has a long history of successful delivery of State-funded projects. We have a breadth of experience in handling major infrastructure projects of this scale, and larger. We have the resources and expertise to deliver this Project using the awarded state funds. We are committed to using our own resources if necessaryto address any cost overruns in accordance with LPP Guidelines. • Project Delay The Delivery Plan for all components of the Project is well defined. The Project is ready to be delivered beginning soon after funding award. Metro understands that all major transportation capital projects include a level of risk and takes pride in fully assessing and addressing any potential risks associated with its projects before it begins construction. Metro also understands the reporting requirements and financial best practices associatedwith state grant funding. Furthermore, Metro has its own significant financial stake in the Project, and has taken necessary precautions to ensure that it is completed on-time and within budget. There are no risks to deliver the Project as there is no right-of-way acquisition required for the Project. • System Integration The TSP requires system integration with the existing traffic signal control systems in the City of Los Angeles and neighboing cities. The cloud based wireless system in particular is a new technology and would have to be field tested before the full implementation, which will all be included in the design and build contract with strong consultant service support. Metro has extensive experience in managing and delivering these kinds of complicated system integration projects. We believe this risk would be well managed and controlled.
Project Cost Overrun. Any: (i) Project Costs incurred in excess of the Base Budget as a direct result of an Unforeseen Condition during the pendency of the construction of the Project; (ii) Project Costs incurred during construction of the Project which cause the total Project Costs to exceed the Base Budget and not otherwise attributable to the failure of any Party to timely pay or perform any of its obligations under this 2013 Construction Coordinating Agreement when the other Parties shall have timely paid or performed their obligations under this 2013 Construction Coordinating Agreement directly related thereto; or (iii) bidding cost overruns, in which the lowest qualifying bid with 2 [NTD: Timing of delivery of GMP to be confirmed.]. respect to a Work Action Item exceeds the Base Budget amount as set forth in Exhibit C hereto for such Work Action Item.